In the ever-expanding, ever-changing world of free enterprise, it’s important to have a business plan for your company. Included in that plan should be a solid marketing strategy. It is what moves your product from you to your customer, which is the whole reason for all that you do.
By definition, marketing is the process through which goods and services flow from concept to construction to customer. The way you go about this depends on the kind of business you have, resources available and the overall vision and goals of your company. Regardless of which plan you choose, there are four basic steps in any marketing strategy:
First, comes your Product, without which, there would be no business. At this step, you identify and develop the product according to your own specifications. Product development is an important part of marketing because, often, products are designed around customer needs and desires and then further fine-tuned to more specifically meet those needs.
Once your product is established, you must set a Price for it. It can be tricky to determine, since you have to balance production cost, profit margin and what people would be willing to pay. Moderation in all these areas will help you choose a price that is fair for both you and your customer.
Now that you have a product and a price, it’s time to decide how your product will reach your customer’s Place. Will it be sold through a storefront, mailed through a postal service or sent through a download? Of course, this is largely determined by what kind of product you have, but when there are choices to be made, such as with a postal service, all options should be carefully considered to find what suits you best.
Lastly, a Promotional Strategy must be developed and then implemented. How will you let others know about your product? This can be done through a wide variety of media including advertisements, flyers, word of mouth, blog posts or social media, to name a few. Where will your target audience be most likely to look for and listen to information about your product?
Whether you are a small, one-person start-up or a large corporation, properly marketing your products can mean the difference between forever struggling to make a sale or having the sales you’ve always dreamed of. It takes some focus and determination, but it is well worth the amount of time you put in to develop a program that is right for you and one of your largest investments – your business.